U.S. Job Gains Moderate as Economic Uncertainty Grows

The United States economy experienced a net gain of 64,000 jobs in November, despite a significant loss of 105,000 jobs in October, as reported by the Labor Department. The unemployment rate has risen to 4.6%, marking the highest level since 2021. These figures were delayed due to the recent 43-day federal government shutdown, which has raised concerns about the overall momentum of job creation.

Hiring activity has slowed, largely attributed to uncertainties surrounding Donald Trump‘s tariffs and the ongoing impact of high interest rates set by the Federal Reserve in an effort to combat inflation. The uncertainty over economic policies has left many businesses hesitant to expand their workforce, contributing to a cautious outlook for the holiday season.

In addition to employment figures, consumer sentiment regarding holiday spending has shifted. A December poll by The Associated Press-NORC Center for Public Affairs Research indicated that many consumers are facing higher-than-usual prices for gifts. This rise in prices is partly due to elevated import taxes imposed during the Trump administration. While the most severe impacts feared by economists have not fully materialized, certain items, particularly toys and electronics imported from China, have seen considerable price increases.

Retail sales remained stagnant in October, showing no change from September, as consumers moderated their spending amidst concerns over rising prices and economic uncertainty. A significant factor in this stagnation was a 1.6% drop in sales at auto dealerships, linked to the expiration of subsidies that previously boosted demand for electric vehicles. When excluding the auto sector, retail sales exhibited a modest increase of 0.4%.

In the automotive industry, Ford Motor Co. announced a shift in strategy, abandoning its plans for the fully electric F-150 Lightning due to mounting financial losses and decreasing consumer demand for electric vehicles. Instead, Ford will focus on developing gasoline engines and hybrid models, signaling a significant change in its approach to electrification.

On the stock market front, U.S. indices experienced a dip following the mixed economic data. The S&P 500 fell by 0.4%, while the Dow Jones Industrial Average dropped by 220 points. Economic reports regarding job growth and retail performance did not provide clarity on future interest rate movements by the Federal Reserve, leaving investors cautious.

In philanthropy, the Chronicle of Philanthropy highlighted that the largest charitable donation in 2025 came from Phil Knight, co-founder of Nike, alongside his wife, Penny, contributing $2 billion to the Oregon Health & Science University. This donation represents a significant portion of the total $5 billion in donations tracked, with other notable contributions from Warren Buffett and the family of Jeff Bezos.

In international news, EU envoys are working to finalize a plan to utilize frozen Russian assets as collateral for a substantial loan aimed at supporting Ukraine over the next two years. This plan is expected to be a key discussion point at the upcoming summit of EU leaders, with the International Monetary Fund estimating Ukraine requires 135 billion euros in aid.

Health officials in the United States announced an expansion of approval for the libido-boosting drug Addyi, now available for women up to age 65 who have gone through menopause. The approval reflects ongoing efforts to address women’s sexual health issues, despite the drug’s varied sales performance.

In a significant move to regain competitiveness in the Chinese market, Volkswagen is investing $3.5 billion in a research and development center in Hefei, China. This strategic pivot aims to tailor vehicles specifically for Chinese consumers, as the market continues to evolve rapidly towards electric vehicle sales.

These developments paint a complex picture of the current economic landscape in the U.S. and abroad, highlighting the interplay between policy decisions, consumer behavior, and corporate strategies amid ongoing uncertainties.